Project Doccumation

Mohammed Bashir kilalo

Ttuc DIT 0010/12

Assaighnment one

Theories of Entrepreneurship

Sociological Theory

•Entrepreneurship is likely to get a boost in a particular socialculture

•Society’s values, religious beliefs, customs, taboos influence thebehaviour of individuals in a society

•The entrepreneur is a role performer according to the roleexpectations by the society

Phisiological theories

Entrepreneurship gets a boost when society has sufficient supplyof individuals with necessary psychological characteristics

•The psychological characteristics include need for highachievement, a vision or foresight, ability to face opposition

•These characteristics are formed during the individual’s upbringingwhich stress on standards of excellence, self reliance and lowfather dominance

Economic theories

Entrepreneurship and economic growth take place when theeconomic conditions are favourable

•Economic incentives are the main motivators for entrepreneurialactivities

•Economic incentives include taxation policy, industrial policy,sources of finance and raw material, infrastructure availability,investment and marketing opportunities, access to informationabout market conditions, technology etc

Philosophies of entrepreneurship

1. Passion- be passionate about what you do. Passion gives you a reason to get up in the morning and the energy to burn the midnight oil

. 2. I’m not always right. A lot of the time I’m wrong about what my customers want, but if I listen to them then I’m right about what they want 100% of the time.

3. Taking risks is not easy, but the reward is so worth it. I don’t view risk as something that’s to be feared – It’s something to try to mitigate, but not avoid; the worst thing you can do is not trying to do something. Try things that are hard to pull off, take chances.

4. Talk to other entrepreneurs who have gone through what you are going through. Talk to people who have “been there and done that”

5. Never Mix Business & Personal Life - if...